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PhenixFIN Corporation Announces Fiscal Year and Fourth Quarter 2024 Financial Results

For the Fiscal Year ended 2024 NAV per share grew 12% year over year

NEW YORK, Dec. 17, 2024 (GLOBE NEWSWIRE) — PhenixFIN Corporation (NASDAQ: PFX, PFXNZ) (the “Company”), a publicly traded business development company, today announced its financial results for the fiscal fourth quarter of 2024.

Highlights

  • Fourth quarter total investment income of $5.6 million; net investment income of $0.5 million
  • Net asset value (NAV) of $160.3 million, or $79.37 per share as of September 30, 2024, vs. $70.75 per share as of September 30, 2023
  • Weighted average yield was 12.3% on debt and other income producing investments as of the fiscal year end
  • On October 1, 2024 the Company completed the acquisition of approximately 80% of the equity of The National Security Group, Inc. (“NSG”) an Alabama based insurance holding company.

David Lorber, Chief Executive Officer of the Company, stated:

“We are pleased with our performance in 2024 as we grew NAV per share 12%, from $70.75 to $79.37 per share. We are also excited with the successful transaction with NSG and look forward to new avenues of growth. This acquisition marks a significant milestone for PhenixFIN and aligns with our commitment to execute on our investment strategy.”

Selected Fourth Quarter 2024 Financial Results for the Quarter Ended September 30, 2024:

Total investment income was $5.6 million of which $5.4 million was attributable to portfolio interest and dividend income and $0.2 million was attributable to fee and other income.

Total net expenses were $5.1 million and total net investment income was $0.5 million.

The Company recorded a net realized gain of $0.2 million and net unrealized gain of $4.6 million.  

Portfolio and Investment Activities for the Quarter Ended September 30, 2024:

The fair value of the Company’s investment portfolio totaled $227.9 million and consisted of 41 portfolio companies.

The Company had 3 portfolio company investments on non-accrual status with a fair market value of $2.4 million.

Liquidity and Capital Resources

At September 30, 2024, the Company had $67.6 million in cash and cash equivalents, $59.2 million in aggregate principal amount of its 5.25% unsecured notes due 2028 and $78.1 million outstanding under the Credit Facility.

ABOUT PHENIXFIN CORPORATION

PhenixFIN Corporation is a non-diversified, internally managed closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We completed our initial public offering and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Effective January 1, 2021, the Company operates under an internalized management structure.

SAFE HARBOR STATEMENT AND OTHER DISCLOSURES

This press release contains “forward-looking” statements. Such forward-looking statements reflect current views with respect to future events and financial performance, and the Company may make related oral forward-looking statements on or following the date hereof. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, including among other things, PhenixFIN’s ability to deliver value to shareholders, increase investment activity, increase net investment income, implement its investment strategy and achieve its investment objective, source and capitalize on investment opportunities, grow its net asset value and perform well in the prevailing market environment, the ability of our portfolio companies, including National Security Group, Inc. to perform well and generate income and other factors that are enumerated in the Company’s periodic filings with the Securities and Exchange Commission. PhenixFIN Corporation disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.

Past performance is not a guarantee of future results. The press release contains unaudited financial results. For ease of review, we have excluded the word “approximately” when rounding the results. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of PhenixFIN Corporation’s common stock. There can be no assurance that PhenixFIN Corporation will achieve its investment objective. 

For PhenixFIN investor relations, please call 212-859-0390. For media inquiries, please contact info@phenixfc.com.

 
PHENIXFIN CORPORATION
Consolidated Statements of Assets and Liabilities
 
  September 30,
2024
  September 30,
2023
 
Assets:      
Investments at fair value      
Non-controlled, non-affiliated investments (amortized cost of $143,179,354 and $134,339,121 respectively) $142,233,426  $125,531,031 
Affiliated investments (amortized cost of $20,564,242 and $48,233,910, respectively)  14,750,785   37,289,617 
Controlled investments (amortized cost of $97,016,429 and $82,437,692, respectively)  70,931,647   63,640,043 
Total Investments at fair value  227,915,858   226,460,691 
Cash and cash equivalents  67,571,559   5,988,223 
Receivables:        
Other receivable  65,838   31,425 
Interest receivable  1,313,598   971,115 
Dividends receivable  23,468   161,479 
Receivable for investments sold  2,955,775   3,940,175 
Other assets  1,066,323   833,000 
Deferred tax asset  887,099    
Deferred financing costs  760,680   699,124 
Prepaid share repurchase  101,115   199,019 
Due from Affiliate  90,500   409,214 
Total Assets $302,751,813  $239,693,465 
         
Liabilities:        
Credit facility and notes payable (net of debt issuance costs of $1,510,815 and $1,688,835, respectively) $135,723,636  $84,253,106 
Accounts payable and accrued expenses  5,570,150   3,066,984 
Interest and fees payable  768,043   690,398 
Other liabilities  294,063   432,698 
Due to Affiliate  88,148    
Payable for investments purchased     4,123,059 
Deferred revenue     421,685 
Total Liabilities  142,444,040   92,987,930 
         
Commitments and Contingencies (see Note 8)        
         
Net Assets:        
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,019,778 and 2,073,713 common shares outstanding, respectively  2,020   2,074 
Capital in excess of par value  704,909,588   694,812,239 
Total distributable earnings (loss)  (544,603,835)  (548,108,778)
Total Net Assets  160,307,773   146,705,535 
Total Liabilities and Net Assets $302,751,813  $239,693,465 
         
Net Asset Value Per Common Share $79.37  $70.75 

 

 
PHENIXFIN CORPORATION
Consolidated Statements of Operations
 
  For the Years Ended September 30, 
  2024  2023  2022 
Interest Income:         
Interest from investments         
Non-controlled, non-affiliated investments:         
Cash $10,231,111  $8,031,539  $5,207,850 
Payment in-kind  938,879   506,555   444,741 
Affiliated investments:            
Cash  742,881   1,925,293   639,733 
Payment in-kind     460,856   374,981 
Controlled investments:            
Cash  2,121,713   667,312   2,489,381 
Payment in-kind  268,831   557,981    
Total interest income  14,303,415   12,149,536   9,156,686 
Dividend income            
Non-controlled, non-affiliated investments  2,691,393   3,139,592   1,996,374 
Affiliated investments  199,388       
Controlled investments  3,972,352   3,716,676   3,507,051 
Total dividend income  6,863,133   6,856,268   5,503,425 
Interest from cash and cash equivalents  500,079   400,031   139,942 
Fee income (see Note 9)  514,949   324,290   420,279 
Other income  22   402,138   323,828 
Total Investment Income  22,181,598   20,132,263   15,544,160 
             
Expenses:            
Interest and financing expenses  6,609,473   5,531,833   5,113,105 
Salaries and benefits  6,850,792   4,186,852   2,952,106 
Professional fees, net  1,462,766   1,404,676   1,340,828 
General and administrative expenses  1,093,922   983,274   1,103,125 
Directors fees  750,000   728,833   712,000 
Insurance expenses  378,854   466,319   590,178 
Administrator expenses (see Note 6)  301,931   320,310   301,281 
Total expenses  17,447,738   13,622,097   12,112,623 
Net Investment Income  4,733,860   6,510,166   3,431,537 
             
Realized and unrealized gains (losses) on investments            
Net realized gains (losses):            
Non-controlled, non-affiliated investments  740,924   (10,538,228)  810,240 
Affiliated investments  (1,991,456)  (1,018,267)  4,408,961 
Controlled investments  8,542,831   23,456   1,850 
Total net realized gains (losses)  7,292,299   (11,533,039)  5,221,051 
Net change in unrealized gains (losses):            
Non-controlled, non-affiliated investments  7,862,162   15,954,552   (16,701,153)
Affiliated investments  5,130,836   7,327,399   96,490 
Controlled investments  (7,287,134)  8,659,262   2,141,326 
Total net change in unrealized gains (losses)  5,705,864   31,941,213   (14,463,337)
Loss on extinguishment of debt (see Note 5)        (296,197)
Deferred tax benefit (expense)  887,099       
Total realized and unrealized gains (losses)  13,885,262   20,408,174   (9,538,483)
             
Net Increase (Decrease) in Net Assets Resulting from Operations $18,619,122  $26,918,340  $(6,106,946)
             
Weighted average basic and diluted earnings per common share $9.13  $12.87  $(2.63)
Weighted average common shares outstanding – basic and diluted (see Note 11)  2,040,253   2,092,326   2,323,601 

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